North Carolina Down Payment Assistance Systems

Online Payments - These programs will be the Down Payment Assistance System and the Mortgage Credit Certificate.

If you qualify for one of the programs and also you purchase a property between December 1, 2009 and January 1, 2009, you may also qualify for the $8,000 tax credit only enacted into law in the Federal Economic Stimulus Plan.

First, who's a First Time Home Buyer? There is a first-time Home Buyer someone who has not owned a home in the prior three years. It is the exact same qualifying definition.

Should you qualify for the MCC, you can claim 20% of the interest you pay as a credit on your own federal income taxes on your own mortgage. You are able to save around $2,000 on your taxes.

You will be able to unite this, if you do qualify for 2009. This may reduce the tax liability of a buyer's by $10,000.

Who qualifies for an MCC is based in your income and also the cost of the property you are purchasing. Household income is defined as the “gross income of the mortgagor and any individual anticipated to live in the dwelling who is 18 years of age or older.”

The income and house price limitations that apply in Durham Orange and Chatham Counties are given below.

MCC Income Limitations 1 Man $61,500 2 Men $61,500 3 Individuals $70,500 4 Persons $70,500

MCC Sales Price Limits New House $220,000 Existing Residence $210,000

The customer just has to pay and the load would pay around .

This program has more rigorous income limitations than the MCC program summarized above. Like the MCC application, it might be used along with the new $8,000 tax credit on house purchases between January 1, 2009 and December 1, 2009. The deposit assistance, however, cannot be used in combination together with the MCC. This really is an either or situation.

House price limits that apply in Durham Orange and Chatham Counties and the income are listed below.

Down Payment Assistance Income Limitations

1 Person $39,950 2 Men $45,650 3 Men $51,350 4 Men $57,050

Down Payment Assistance Sales Price Limits New House $210,000 Existing Home $210,000